If you ever needed proof that retirees who are healthier and wealthier are also more satisfied with their retirement, a new survey by the Employee Benefits Research Institute may be just what you're looking for.
The report, titled “Is Simply Having Money Enough to Ensure a Satisfying Retirement? The Relationship Between Health and Wealth in Determining Retirement Satisfaction,” draws on survey data from the University of Michigan’s 2020 Health and Retirement Study, which includes roughly 20,000 retired Americans aged 55 to 80 years old.
One of its key findings is that wealthier individuals tend to report higher satisfaction levels. While almost three-quarters (73 percent) of those with assets of $500,000 or more expressed high satisfaction, only a third (33 percent) of retirees with less than $25,000 in assets said the same. Similarly, retirees with excellent to very good health reported living their best lives in retirement, with 70 percent of this group saying they had high satisfaction, compared to only 28 percent among those in fair to poor health.
Controlling for wealth levels, EBRI researchers found those with higher household asset levels were also more likely to feel high retirement satisfaction. Focusing on retirees with at least $500,000 in assets, four-fifths (78 percent) of those in very good to excellent health said they were very satisfied, compared with just 55 percent of those with fair to poor health.
Holding health status equal revealed a similar trend, as 55 percent of those with fair to poor health in the $500,000 and up asset range were very satisfied in retirement, compared to respondents with less than $25,000 in assets and the same not-so-clean bill of health.
“Health and wealth are interconnected in how satisfied people are with their retirement," EBRI research associate Samita Thephasit said in a statement. "Individuals in good health are more likely to be satisfied with retirement than those in poor health, even among those with the same level of household assets.”
The study also found guaranteed income can significantly improve satisfaction. Retirees with sources of guaranteed income, such as pensions, tended to report higher satisfaction than those without. Another factor, preretirement planning, showed that those who actively prepared for their retirement ahead of time were more likely to enjoy it.
In line with other economic and financial studies, the research also revealed racial disparities. White retirees in EBRI's analysis reported better health and higher satisfaction with retirement compared to Black retirees and those of other races.
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